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zerolimits0 t1_iy9nu8s wrote

It would take 16 months of your entire paycheck going to credit card payments for it to be gone.

Do yourself a favor. Cut up those cards, you don't know how to use them.

This will stop you from accumulating even more debt. Depending on your other expenses you may be looking at 4-6 years of repayment on them. I would consider bankruptcy but that should be done with more information bc again we don't know your other expenses. Assuming 20% on those credit cards you are paying 18k a year in interest alone.

I've had 12k in credit debt before and it took me like 3 years to get out of it and finally be responsible about credit use.

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i_max2k2 t1_iya1r4p wrote

Yes I feel if he can curb his habits and then consider bankruptcy, that might be the best option.

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JeepMan831 t1_iyb48mk wrote

*16 months, let's not freak out OP anymore than necessary

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zerolimits0 t1_iyb4n1a wrote

Oops I did that by paycheck not per month good catch I'll edit.

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MinistryofTruthAgent t1_iy9zupt wrote

Since OP has about 8x that. Are we expecting 24 years?

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Raalf t1_iybf4il wrote

at 20%+ interest, it all depends on how much is put towards the debt.

At 90k, 22% interest compounded monthly, this is what it will be at 24 years to pay it off:

Payment Every Month $1,658.86

Total of 288 Payments $477,752.08

Total Interest $387,752.08

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